GAN

3 Company Facts:

• In 2016, GAN held its initial public offering on the AIM exchange in London. Following growth in the company’s U.S. business, GAN moved its primary listing to the NASDAQ via IPO.
• GAN is targeting 4-6% revenue share from its sports betting clients, and 5-7% from its iGaming clients.¹
• GAN’s acquisition of Coolbet is expected to close in early 2021. Coolbet grew at 46% per year from 2018 to 2020, leveraging proprietary B2C sportsbook technology.

3 Industry Facts:

• The total addressable market for iGaming is expected to surpass sports betting at maturity by 25%.
• By the end of 2021, an estimated 50% of U.S. states will have passed sports betting legislation.²
• Louisiana, Maryland, and North Dakota all passed sports bettng legislation during the November 2020 elections.

Related Companies: International Game Technology, Scientific Games, GameSys

3 Key Metrics:

• Gross operator revenue
• Average revenue per user
• New market pipeline

This is not a recommendation to buy or sell securities.